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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
6 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Outstanding Derivatives on Individual Contract Basis
The following table presents outstanding derivatives on an individual contract basis:
 Fair Value of Derivatives
with Unrealized Gains
Fair Value of Derivatives
with Unrealized Losses
(In thousands)September 2023March 2023September 2022September 2023March 2023September 2022
Derivatives Designated as Hedging Instruments:
Foreign exchange contracts$51,216 $46,752 $209,837 $(37,664)$(71,052)$(31,844)
Interest rate contracts4,897 — — — (1,140)— 
Total derivatives designated as hedging instruments56,113 46,752 209,837 (37,664)(72,192)(31,844)
Derivatives Not Designated as Hedging Instruments:
Foreign exchange contracts 1,258 2,936 5,427 (905)(461)(1,077)
Total derivatives
$57,371 $49,688 $215,264 $(38,569)$(72,653)$(32,921)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
 September 2023March 2023September 2022
(In thousands)Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$57,371 $(38,569)$49,688 $(72,653)$215,264 $(32,921)
Gross amounts not offset in the Consolidated Balance Sheets
(25,460)25,460 (26,470)26,470 (32,358)32,358 
Net amounts
$31,911 $(13,109)$23,218 $(46,183)$182,906 $(563)
Schedule of Derivative Assets and Liabilities Presented in Consolidated Balance Sheet Adjusted from Current Gross If VF were to offset and record the asset and liability balances on a net basis in accordance with the terms of its master netting agreements, the amounts presented in the Consolidated Balance Sheets would be adjusted from the current gross presentation to the net amounts as detailed in the following table:
 September 2023March 2023September 2022
(In thousands)Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Derivative
Asset
Derivative
Liability
Gross amounts presented in the Consolidated Balance Sheets
$57,371 $(38,569)$49,688 $(72,653)$215,264 $(32,921)
Gross amounts not offset in the Consolidated Balance Sheets
(25,460)25,460 (26,470)26,470 (32,358)32,358 
Net amounts
$31,911 $(13,109)$23,218 $(46,183)$182,906 $(563)
Schedule of Derivatives Classified as Current or Noncurrent Based on Maturity Dates
Derivatives are classified as current or noncurrent based on maturity dates, as follows:
(In thousands)September 2023March 2023September 2022
Derivative InstrumentsBalance Sheet Location
Foreign exchange contractsOther current assets$40,567 $48,132 $186,926 
Foreign exchange contractsAccrued liabilities(35,347)(59,995)(28,484)
Foreign exchange contractsOther assets11,907 1,556 28,338 
Foreign exchange contractsOther liabilities(3,222)(11,518)(4,437)
Interest rate contractsOther assets4,897 — — 
Interest rate contractsOther liabilities— (1,140)— 
Schedule of Effects of Cash Flow Hedging included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income The effects of cash flow hedging included in VF’s Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss are summarized as follows:
(In thousands)
Gain on Derivatives
Recognized in Accumulated OCL
Three Months Ended September
Gain on Derivatives
Recognized in Accumulated OCL
Six Months Ended September
Cash Flow Hedging Relationships2023202220232022
Foreign exchange contracts$58,509 $102,685 $29,349 $202,115 
Interest rate contracts1,386 — 7,806 — 
Total$59,895 $102,685 $37,155 $202,115 
(In thousands)
Gain (Loss) Reclassified from Accumulated OCL into Net Loss
Three Months Ended September
Gain (Loss) Reclassified from Accumulated OCL into Net Loss
Six Months Ended September
Cash Flow Hedging RelationshipsLocation of Gain (Loss) 2023202220232022
Foreign exchange contractsNet revenues$(516)$(6,421)$574 $(9,955)
Foreign exchange contractsCost of goods sold9,399 23,658 17,474 35,014 
Foreign exchange contractsSelling, general and administrative expenses1,007 1,955 2,308 3,564 
Foreign exchange contractsOther income (expense), net(750)(4,313)(1,261)(5,529)
Interest rate contractsInterest expense1,098 27 1,823 54 
Total$10,238 $14,906 $20,918 $23,148